Remortgaging could save borrowers more than £5 bn a year

03 May 2005

Research from mortgage broker Charcol in the run-up to this week's General Election has revealed that mortgage holders could save more than £5 billion this year alone by remortgaging.

The election-related survey found that almost seven million people had missed out on these savings by failing to remortgage since Labour came to power in 1997.

According to Charcol, a typical borrower can save around £120 a month by opting for a remortgage - a collective £5 billion a year.

"There may be a general feeling of apathy over the election on May 5th, but there's simply no excuse for apathy over one of the biggest financial commitments of your life," said Elliot Nathan of Charcol.

Mr Nathan added: "Millions of homeowners are missing out on potentially massive repayment savings by sitting on their hands instead of taking advantage of today's low rates."

The good news revealed by Charcol is that more than three million homeowners have taken advantage of the savings offered by remortgaging since the last general election in 2001.